Business Expense Archives - Page 7 of 7 - John R. Dundon II, Enrolled Agent
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Business Expense

Sec. 183 denies loss deductions beyond income earned from activities in which the taxpayer does not intend to make a profit. These deductions are typically referred to as "hobby losses." Generally, an activity is presumed to be carried on for-profit if it makes a profit...

In Revenue Procedure 2003-75, the IRS announced a separate set of luxury car depreciation limitations for trucks or vans that do not have a gross vehicle weight in excess of 6,000 pounds. In that revenue procedure, the IRS stated that the term "trucks and vans" referred...

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year or so, there may be tax...

In a tax emergency, would you be ready? Well– good tax records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. Fortunately, you...